VANCOUVER, May 29, 2014 /CNW/ - Cliffmont Resources
Ltd. (TSX-V - CMO) ("Cliffmont" or the "Company") announces the
Company has not made the final $920,000 payment due on the purchase of the 20321
title pursuant to the January 3, 2012
purchase agreement. The Company continues discussions with
the 20321 vendors in regards to the outstanding debt and various
alternatives that may be available to deal with the debt. The
Company announced April 09, 2014 a
convertible loan of USD$270,000 from
an arm's length Colombian group to be used to pay two of the
vendors and while the funds will be available shortly the vendors
were notified they are not accessible in time for this payment.
The Company is currently continuing to advance discussions and
due diligence with several third parties, that subject to certain
conditions being met, including the debt to the vendors, are
interested in moving the project forward.
At the San Jorge mine, notification has been given by La
Corporacion Autonoma Regional del Alto Magdalena ("CAM") that the
environmental impact assessment (EIA) is in its final stages and is
expected shortly.
ON BEHALF OF THE BOARD
"Jeff Tindale"
Jeff Tindale, President and
CEO
Forward Looking Statements. This Company news release
contains certain "forward-looking" statements and information
relating to the Company that are based on the beliefs of the
Company's management as well as assumptions made by and information
currently available to the Company's management. Such statements
reflect the current risks, uncertainties and assumptions related to
certain factors including, without limitations, competitive
factors, general economic conditions, customer relations,
relationships with vendors and strategic partners, the interest
rate environment, governmental regulation and supervision,
seasonality, technological change, changes in industry practices,
and one-time events. Should any one or more of these risks or
uncertainties materialize, or should any underlying assumptions
prove incorrect, actual results may vary materially from those
described herein.
"Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release."
SOURCE Cliffmont Resources Ltd.